Xerox Reveals 3.1% Slide in 2Q Net, Gloomier Outlook

Pressured by sinking tech sales and turmoil in Europe, Xerox (NYSE:XRX) disclosed a 3.1% contraction in second-quarter earnings on Friday and took an axe to its full-year financial targets.

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Shares of the IT and document technology company slumped about 2% in response to the tepid news.

Norwalk, Conn.-based Xerox said it earned $309 million, or 22 cents a share, last quarter, compared with a profit of $319 million, or 22 cents a share, a year earlier. Excluding one-time items, it earned 26 cents a share, missing consensus calls from analysts by a penny.